BlueStone Jewellery and Lifestyle has reported a strong performance in the second quarter of FY26, extending its growth streak in India’s rapidly expanding fine jewellery market. BlueStone Jewellery Q2 FY26 results reflect the company’s continued success as a digital-first, design-led retailer that blends technology, craftsmanship, and customer experience to drive scale and profitability.
During the quarter, the company delivered robust revenue growth, solid margin expansion, and accelerated retail expansion, reinforcing its position as one of India’s most dynamic consumer lifestyle brands.
Bluestone Jewellery Q2 FY26: Financial Highlights
| Particulars | Q2 FY24 | Q2 FY25 | Q2 FY26 | YoY Growth | Remarks |
|---|---|---|---|---|---|
| Revenue from Operations | 373.4 | 492.7 | 513.6 | +37.6 | Omnichannel growth momentum |
| Gross Profit | 138.6 | 202.2 | 202.9 | +46.4 | Margin at 39.5 % |
| Adjusted EBITDA | 5.0 | 83.0 | 71.4 | +1312 | 13.9 % margin, up 1255 bps |
| EBITDA (Reported) | (4.4) | 56.6 | 42.7 | — | Turnaround from loss |
| Loss Before Tax | (84.5) | (34.7) | (52.1) | — | Loss narrowed sharply |
| Gross Margin (%) | 37.1 | 41.1 | 39.5 | +242 bps | Product mix shift |
| Contribution Margin (%) | 28.5 | 36.5 | 34.9 | +639 bps | Scale efficiency visible |
Bluestone Jewellery H1 FY26: Half Yearly Performance
| Particulars | H1 FY25 | H1 FY26 | YoY Growth | Remarks |
|---|---|---|---|---|
| Revenue from Operations | 721.6 | 1,006.3 | +39 | Strong sales momentum across channels |
| Gross Profit | 275.3 | 405.1 | +47 | Margin improvement to 40.3 % |
| Adjusted EBITDA | 16.4 | 154.3 | +839 | Margin expanded to 15.3 % |
| Cash PAT | (89.6) | 23.6 | — | Positive cash profitability |
| Total Stores (Nos.) | 233 | 311 | +33 | Pan-India expansion |
| Repeat Revenue Ratio (%) | 43.2 | 51.0 | +8.2 ppt | Customer loyalty strengthens |
| Average Order Value (INR ’000) | 45.0 | 57.7 | +28 | Premiumisation continues |
Bluestone Jewellery Q2 FY26: Operational Highlights
- Omnichannel Strength: The “discover anywhere, buy anywhere” model continues to deliver. BlueStone now operates 311 stores across 26 states and UTs, complemented by a powerful digital presence generating ~300 million online sessions (FY25).
- Customer Metrics: Same-store sales growth (SSSG) stood at 11.1%, while the repeat purchase ratio reached 51.4%, reflecting higher retention and trust.
- Manufacturing Advantage: Over 75% of products are crafted in-house, giving BlueStone one of the fastest manufacturing-to-shelf cycles in the industry (RedSeer Report).
- Product Focus: The company remains concentrated on lightweight, non-wedding and daily-wear collections in 18–22 KT gold — an 18–21% CAGR segment as per industry estimates.
Store-Level Economics and Efficiency
The FY19–20 store cohort reported Adjusted EBITDA margins of 23.8%, with stores typically breaking even within three months of launch. Average revenue per mature store is around INR 7.7 crore annually, supported by healthy gross margins of 41 % and a short payback period.
Bluestone H1 FY26: Cash Flows and Liquidity
Operating cash flows improved to INR (75.7) crore in H1 FY26 (from INR (371) crore a year earlier), aided by inventory discipline and higher turnover. Overall net cash inflows stood at INR 22 crore, reflecting the company’s transition to a self-funding growth model.
Verdict
Analysts view BlueStone’s performance as a proof point that digital-first brands can achieve sustainable profitability in India’s premium lifestyle sector. With revenue on track to cross INR 2,000 crore in FY26, BlueStone continues to narrow the gap with CaratLane and Titan’s emerging online verticals.
Outlook
BlueStone’s focus on design innovation, in-house manufacturing, and tech-enabled customer experience positions it for long-term value creation. The company aims to further deepen its presence in Tier-1 and Tier-2 cities, while maintaining its “digital-first retail” edge through data-driven merchandising and AI-based personalisation.
With robust unit economics and a disciplined balance sheet, BlueStone appears set to shine brighter in the coming quarters.
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